In India, the demand from steel mills is weak, and the producers lowered its offer price for domestic consumption by US$10 per ton from the middle of November. The price for export also dropped by US$10, which represented a decrease of US$20 - US$25 versus the end of October.

On the other hand, the consumption in Japan is on a strong note, but the customers are keeping a distance from high-priced spot goods because the price negotiation for the period from January to March in 2015 will start. Besides, the thin trading is going on as both shippers and customers are on alert against the fluctuation in the foreign exchange. The price of products contracted for December shipment is US$1,035 - US$1,045 CIF Japan, down by US$20 from the end of October.

The price of silico manganese in China is down by CNY50 per ton from the end of October. This is because the supply in the northwestern region increases and some producers in the southern region lower the offer price. In Yunnan, there has been some producers which started to stop operation from the middle of November. The price drop range is smaller than other ferroalloys because the price of imported manganese ore as raw materials stopped declining, and the supply to the market is anticipated to decrease after the application of the electricity rate for a low-water season begins in Yunnan and Sichuan in December. The trading meant for Japan was thin on alert against the fluctuation in the foreign exchange market, and the contract price was US$1,450 US$1,475 per ton CIF Japan, down by US$20 from the end of October.

• [Editor:Sophie]